Government Funding for Eye Health
In many developed and some developing countries, both government and private organizations are actively participating in research and prevention programs focused on eye disorders. These efforts play a crucial role in advancing eye care. The United Kingdom, for example, has made significant strides in this regard. In 2016 alone, the Eye Health Examinations Wales (EHEW) scheme conducted approximately 121,736 eye examinations, demonstrating the commitment to promoting eye health. Furthermore, the National Health Service (NHS) paid for 769,380 general ophthalmic service sight tests in the same year. This substantial support through adequate funding has the potential to significantly boost the growth of the eye care market.
Advancements in Eye Care Products
The continuous progress in treating eye allergies across all age groups is a driving force behind the expansion of the eye care market. Companies like Bausch & Lomb, a subsidiary of Valeant, are at the forefront of these advancements. They are currently developing a new topical corticosteroid called mapracorat, which is undergoing clinical phase II. This ophthalmic solution aims to address issues such as ocular pain, inflammation, eye allergies, and dry eyes. Another player in the field is Merck and Co., offering montelukast, a leukotriene receptor antagonist known for its effectiveness in relieving allergic eye diseases.
Moreover, various manufacturers are actively working on creating innovative ophthalmic solutions, seeking approvals from government regulatory bodies. The heightened competition among existing and emerging market players is fostering an environment conducive to the development of practical and efficient treatments for eye allergies. This competition-driven innovation is a significant factor contributing to the overall growth of the eye care market.
The Importance of Government Support
Favorable government funding is pivotal for the success of research and prevention programs in the field of eye health. This support not only facilitates the exploration of new treatments and diagnostic tools but also ensures that these innovations reach a wider population. In the context of the United Kingdom, the substantial number of eye examinations conducted under the EHEW scheme and the general ophthalmic service sight tests funded by the NHS exemplify the positive impact of government backing.
The Role of Private Organizations
In addition to government support, private organizations play a vital role in advancing eye care. Companies like Bausch & Lomb and Merck and Co. are investing in research and development to bring forth new and improved solutions for various eye conditions. The introduction of mapracorat and montelukast demonstrates the commitment of these organizations to addressing not only common eye problems but also more specific issues like ocular pain and inflammation.
Competition Driving Innovation
The competitive landscape within the eye care market is fostering innovation at an accelerated pace. Manufacturers are not only focused on introducing new products but are also striving to make them more efficient and accessible. This competition-driven innovation benefits consumers by providing a diverse range of treatment options for eye allergies and other conditions.
In conclusion, the combination of favorable government funding, private sector involvement, and competition-driven innovation is propelling the growth of the eye care market. The ongoing advancements in products and treatments not only cater to existing needs but also pave the way for addressing emerging challenges in eye health. The collaborative efforts of governments and private organizations ensure that the future of eye care remains promising and accessible to a wider population.
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Global Eye Allergy Treatment Market Revenue, by Treatment, 2017 (USD Mn)
Sources: MRFR Analysis
Eye Allergy Treatment Market Segmentation
Global eye allergy treatment market has been segmented into type, treatment, and end user.
On the basis of type, it is segmented into seasonal and perennial allergic conjunctivitis, vernal keratoconjunctivitis, atopic keratoconjunctivitis, contact allergic conjunctivitis, giant papillary conjunctivitis, and others. Vernal keratoconjunctivitis includes palpebral, limbal, corneal, and others.
On the basis of treatment, the eye allergy treatment market has been segmented into medication, allergy shots (immunotherapy), and others. Medication includes artificial tears, decongestants, oral antihistamines, antihistamine/mast-cell stabilizers, corticosteroids. Decongestants are further sub-segmented into with or without antihistamines. Allergy shots (immunotherapy) is sub-segmented into Subcutaneous Immunotherapy Treatment (SCIT) and Sublingual Immunotherapy Treatment (SLIT). The medication segment is projected to value 1860.78 million in 2023. Its larger market share is due to its effectiveness for the treatment of eye allergy. Moreover, with a lot of options available in the eye allergy treatment market, patients find medications much more acceptable in most cases. The wide acceptance of artificial tear as a first-line treatment option for eye allergy is driving the market.
On the basis of end user, it is segmented into eye hospitals & clinics, medical institutes, research centers, and others.
Global Eye Allergy Treatment Market Share, by Region, 2017 (%)
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Sources: MRFR Analysis
Eye Allergy Treatment Market Regional Analysis
The Americas acquired the largest share of 40.4% is projected to grow at the highest CAGR during the forecast period. The growth of the Americas is due to its rising geriatric population and increasing ophthalmological disorders, causing an increased need for diagnosis and therapeutics. According to the National Eye Institute (NEI), about 3 million cases of conjunctivitis were reported in the US in 2015. This huge prevalence of eye allergies is driving the growth of the eye allergy treatment market.
Additionally, according to the US Census Bureau, in 2016, around 49.2 million residents were aged 65 and above in the US. This huge older population of the US contributed to over 15.2% of the total population which is likely to drive the market. Furthermore, the Americas is witnessing rampant advancements in technology. Thus, this increasing patient pool and increasing per capita income of citizens are going to propel the market growth of eye allergy treatments.
Americas region is followed by Europe, which accounted for the second largest eye allergy treatment market share owing to the rising patient population with eye disorders, availability of advanced treatment facilities, increasing healthcare expenditure, and the introduction of advanced therapies into the market along with the presence of good healthcare infrastructure. Additionally, rising government initiatives are driving the growth of the market. According to reports published by the United Kingdom Statistics Authority, in 2015, around 15,900 people were registered as visually impaired.
Asia-Pacific is the fastest-growing market for the global eye allergy treatment market. The presence of a huge patient population, rapid development in technology, and the presence of huge opportunities for the development of the market drive the growth of the eye allergy treatment market in Asia-Pacific. Additionally, the rising elderly population is also fueling the market of eye allergy treatments in this region. According to the Asian Development Bank, Asia's elderly population is projected to reach nearly 923 million by 2050. This huge geriatric population is driving the growth of the market.
Eye Allergy Treatment Market Key Players
The prominent players in the global eye allergy treatment market are Allergan Plc, Johnson & Johnson Services Inc, Novartis AG, Bausch Health (Valeant Pharmaceuticals International Inc.), Santen Pharmaceutical Co. Ltd, Teva Pharmaceutical Industries Ltd, Nicox, Akorn Inc., Shire, Nutra Essential OTC, and others.
Some of the key strategies followed by the players operating in the global eye allergy treatment market were innovation, product development, acquisition, and expansion.
Eye Allergy Treatment Market Segmentation
Global Eye Allergy Treatment Market, by Type
Global Eye Allergy Treatment Market, by Treatment
Global Eye Allergy Treatment Market, by End User
Global Eye Allergy Treatment Market, by Region
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